Wi2Wi Corporation Reports 18% Revenue Growth in second Quarter
TORONTO, ON / August 21, 2019 / Wi2Wi Corporation today announced its unaudited consolidated financial results for the quarter ending June 30, 2019. The company continues generating growth and executing on its FY19 priorities by investing in R&D to target premium markets including avionics, defense, medical, space and Internet of Things.
In Q2 FY19, Wi2Wi generated $2.922 million in revenue, an 18% increase over Q2 FY18 revenue of $2.437 million and over Q1 FY19 revenue of $2.476 million. Driven by an uplift in sales across its custom technology plus portfolio of products and solutions released in previous years, the company’s net income rose substantially from $9,000 over the same period last year to $124,000. Wi2Wi’s Q2 earnings marks the 13th consecutive quarter of profitability. The company also settled garnishment proceedings initiated by its former CEO; the negative cash flow reflects payments associated with the settlement. Wi2Wi continues to operate debt-free and fund operations through the income it generates.
“Innovation based on customer and market feedback is at the heart of what we do – and these results are proof our strategy is working,” said Zachariah Mathews, President and CEO of Wi2Wi. “As customers embrace the Wi2Wi technology of today, we are focusing on development and diversification to steadily intersect new market opportunities as they emerge tomorrow.”
Q2 FY19 Financial Highlights (Unaudited)
Detailed and historical financial information is available here.
New Elections to Board of Directors
At Wi2Wi’s annual general meeting on July 26, shareholders elected technology and market experts Gary DuBroc, Francesco Ferlaino, Matthew Balazsi, Zachariah Mathews and Carol Hess to the Board of Directors. This strong group of experts will guide the company’s future while driving shareholder value. More information is available here.
Investor & Media Contact
Dawn Leeder, Chief Financial Officer
608 203 0234
About IoT and M2M
Essentially, IoT and M2M describe the network of physical objects or "things" embedded with electronics, software, sensors, and network connectivity, which enables these objects to collect and exchange data. Driven by several factors including the growth in the availability of Broadband Internet, which reduces the cost of connecting, and the related increase in Wi-Fi capabilities as well as sensors built into myriad technologies, this has been described as the “perfect storm” for the IoT. Almost any device with an on and off switch that can be connected to the Internet (and/or to each other) – anything from cell phones, coffee makers, washing machines, headphones, lamps, wearable devices, cars, as well as machine components in the engine of a jet airplane or the drill of an oil rig. According to analyst firm Gartner, by 2020 there will be over 26 billion connected devices. Others think this figure could be too conservative by a factor of four.
About Wi2Wi Corporation
Wi2Wi is a vertically-integrated technology company which designs, manufactures and markets high performance, low power wireless connectivity solutions, global navigation satellite system (GNSS) modules, and frequency control devices. The company's products and services address numerous applications in the markets of IoT, Machine to Machine (M2M), Avionics, Space, and Government Sponsored Projects. Wi2Wi's products and value-added services provide highly integrated, rugged, robust, and reliable multiprotocol wireless actuators with embedded software, along with customized timing and frequency control devices for customers.
The Company was founded in 2005 and is strategically headquartered in San Jose, California with satellite offices in Middleton, Wisconsin and Hyderabad, India. Wi2Wi's manufacturing operations, its laboratory for reliability and quality control, together with design and engineering for timing and frequency control devices are located in Middleton, WI. The branch office, located in Hyderabad, India, focuses on the development of wireless connectivity; both hardware and software. Wi2Wi's strategic objective is to service the unique needs of each customer by providing end to end wireless integration solutions and highly customizable timing and frequency control devices.
Wi2Wi distinguishes itself from commodity grade products, with best in the market performance, highly reliable, low power wireless connectivity products with integrated software that supports broader temperature ranges and a longer product life cycle. Furthermore, Wi2Wi's end to end product solutions helps the customer substantially reduce their end product expense, certification cost, and overall R&D investment, in addition to substantially reducing the time to market.
Wi2Wi has partnered with best in class global leaders in technology, manufacturing, and sales. The Company uses a wide network of manufacturer's representatives, worldwide, to promote its products and services, and has partnered with world class distributors for the fulfillment of orders along with direct sales.
Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with the ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward- looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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